A £170,000 uplift, with a great transformation
This home had been empty for a decade. We funded the renovation works and achieved a large uplift for the owners.
About this Watford project:
The beneficiaries are based in Canada and unable to visit the property.
The property was in poor repair and some of the ceilings and floors were dangerous, and the garden had not been attended for over 10 years. We liaised with client by email and video calls from the property.
We prepared a detailed marketing report for this three-bedroom semi-detached house, with garden and front parking.
Included within the report were valuations of the property in its current condition as well as potential valuations in refurbished condition.
Upon request we provided a comprehensive quotation and schedule of works to restore the property to premium condition and achieve an increase in value.
Schedule of works
Week 1-6
- Removal of pre-existing kitchen, bathroom and carpets, remove ceilings where appropriate and secure flooring.
- Electrical and plumbing works, full reinstatement of electrics and new gas central heating.
- Replaster many walls and remove skirtings and doors.
- Installation of new kitchen and bathrooms.
- Fitting of new windows and French doors, fitting of all new internal doors.
Week 7-11
- Full redecoration throughout, including tiling where necessary.
- Laying of wooden floors and tiles
- Fitting of new carpets and appropriate floor coverings.
- Replacement of all outside guttering
- Garden work concludes the project.
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The outcome
Original valuation:
£200,000
Cost of works:
£100,000
New valuation:
£500,000
Owner's Profit
£170,000
Increase in Value
250%
On completion of the refurbishment works, the property was valued at £500,000, which is 250% more than the original valuation.
The owners stand to gain a very healthy profit of £170,000, which was an incredible outcome for a property like this, which had been empty for many years beforehand.
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